| By: Francis Onyemachi
The Corporate Affairs Commission has disclosed that only about 20% of Point of Sale (POS) operators in Nigeria are registered with the commission.
Senator Ibrahim Ida, chairman of the CAC Board, disclosed this during a courtesy visit to Mr Olanipekun Olukoyede, the executive chairman of the Economic and Financial Crimes Commission (EFCC), at the commission’s headquarters in Abuja.
Ida said the growing number of unregistered POS operators creates serious risks for businesses and national security.
According to him, the low level of registration violates the Companies and Allied Matters Act (CAMA) 2020 as well as the Central Bank of Nigeria’s Agent Banking Regulations, which require businesses operating under registered business names to comply with the law.
He called for stronger collaboration between the CAC and the EFCC to improve compliance and develop a reliable database of POS operators for law enforcement purposes.
Ida further noted that emerging evidence reveals proceeds of crime, including ransom payments from kidnapping, are sometimes channelled through POS terminals.
“We seek closer cooperation in developing a reliable database of POS operators for use by the EFCC and other law enforcement agencies,” he said.
He added that the visit spotlighted the CAC’s commitment to strengthening partnerships with institutions whose mandates intersect with its own, particularly in the fight against financial crimes.
Ida said both agencies must work together to tackle economic and financial crimes involving corporate entities.
“When companies are misused for fraud or money laundering, the mandates of both institutions are directly affected. Neither of the two agencies can therefore fight and win the war against economic and financial offences if we work alone,” he said.
He identified data and intelligence sharing, public awareness on financial risks and staff capacity building as key areas for deeper collaboration, reaffirming the CAC’s commitment to protecting the integrity of Nigeria’s financial system.
Responding, EFCC Chairman Olukoyede described the activities of unregulated POS operators as a major challenge to the country’s financial ecosystem.
“If you do not regulate the activities of such key players, you will be having major problems and challenges within your financial ecosystem,” he said.
Olukoyede assured the CAC of the commission’s readiness to strengthen cooperation in tackling economic crimes and promoting regulatory compliance.
He described the CAC as the gateway to economic growth in Nigeria, noting that many foreign investors have their first engagement with the country through the commission.
The EFCC chairman also disclosed that the commission had established a dedicated desk to handle CAC-related matters and was currently investigating about 200 companies referred to it by the corporate regulator.
“As a matter of fact, I think we have about 200 companies that you forwarded to us that we are currently investigating, and we have made reasonable progress. We have made very interesting discoveries, which will help you when you lay your hands on the report,” he said.
Olukoyede added that many public sector corruption cases investigated by the EFCC involve procurement and contract fraud carried out through companies registered by the CAC. He urged both agencies to strengthen collaboration in addressing insider-related abuses and improving internal accountability.
He also directed officials of both organisations to review and update their existing Memorandum of Understanding to reflect current realities, particularly in the areas of beneficial ownership information and data protection.
Both agencies said the partnership is aimed at improving corporate compliance, enhancing transparency and safeguarding the integrity of Nigeria’s financial system.
